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Iran and Russia Developing CBDC, Tokenized Assets for Payments for Cross-Border Transactions
Iran has confirmed its collaboration with Russia on developing Central Bank Digital Currencies (CBDC) and tokenized assets for payments. This initiative is part of their efforts to facilitate trade transactions and mitigate the impact of sanctions, as both countries are currently unable to use SWIFT for cross-border payments and have limitations on trading in dollars or euros. The two nations are exploring the use of Iran's crypto-rial and Russia's digital ruble for bilateral trade. The move is seen as a way to simplify trade transactions and resolve issues related to fiat currency conversion rates, which can lead to ... (full story)